SB 387 - This act prohibits insurers from selling medical malpractice insurance policies unless the Department of Insurance has approved the rates. The act outlines various factors that the Director must consider when approving or rejecting the rates. Rates must be based on Missouri loss experience and not loss experience from other states unless the failure to do so would jeopardize the insurer's financial stability.

The Director may consider the insurer's investment income and losses for the previous ten years when reviewing rates. Under this act, insurers may charge reasonable additional premiums or grant discount rates to health care providers based on their individual loss experience, training, the provider's speciality, and other factors determined to be reasonable by the director. Rate applications are deemed approved if not rejected within 60 days unless the director extends the time period due the applicants failure to provide timely information.

This act is identical to HB 274 (2003).
STEPHEN WITTE